Common use of Admission of Substituted Members Clause in Contracts

Admission of Substituted Members. As to Permitted Transfers, a transferee of Units shall be admitted as a substituted Member provided that such transferee has complied with the following provisions: (a) The transferee of the Units shall, by written instrument in form and substance reasonably satisfactory to the Directors; (i) Accept and adopt the terms and provisions of this agreement, including this Section 9, and (ii) Assume the obligations of the transferor Member under this Agreement with respect to the transferred Units. The transferor Member shall be released from all such assumed obligations except:

Admission of Substituted Members. As to Permitted Transfers, a transferee of Units shall be admitted as a substituted substitute Member provided that such transferee has complied with the following provisions: : (a) The transferee approval of a Transfer by the Governors as set forth Section 10.1 above; (b) the satisfaction of all of the Units shall, by written instrument conditions precedent to such Transfer as set forth in form and substance reasonably satisfactory to the Directors; (i) Accept and adopt the terms and provisions of this agreement, including this Section 9, and (ii) Assume the obligations of the transferor Member under this Agreement with respect to the transferred Units. The transferor Member shall be released from all such assumed obligations except:Section